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Share-based Compensation (Tables)
6 Months Ended
Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of share-based compensation expense

The following table summarizes the share-based compensation expense for restricted and performance grants included in the condensed consolidated statements of operations:

 

Three Months Ended
September 30,

 

 

Six Months Ended
September 30,

 

(In thousands)

2024

 

 

2023

 

 

2024

 

 

2023

 

Product development

 

2,271

 

 

 

1,239

 

 

 

4,907

 

 

 

2,865

 

Sales and marketing

 

243

 

 

 

94

 

 

 

574

 

 

 

259

 

General and administrative

 

1,495

 

 

 

1,351

 

 

 

2,957

 

 

 

2,727

 

Total share-based compensation expense

 

4,009

 

 

 

2,684

 

 

 

8,438

 

 

 

5,851

 

Activity related SSARs award

The following table summarizes the activity during the six months ended September 30, 2024 for SSARs awarded under the 2020 and 2016 Plans:

(In thousands, except share and per share data)

 

Number of
Rights

 

 

Weighted-Average Exercise Price

 

 

Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

(per right)

 

 

(in years)

 

 

 

 

Outstanding at April 1, 2024

 

 

1,297,339

 

 

$

27.63

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(794,931

)

 

 

32.51

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2024

 

 

502,408

 

 

$

19.92

 

 

 

3.0

 

 

$

44,740

 

Exercisable at September 30, 2024

 

 

502,408

 

 

$

19.92

 

 

 

3.0

 

 

$

44,740

 

Vested and expected to vest at September 30, 2024

 

 

502,408

 

 

$

19.92

 

 

 

3.0

 

 

$

44,740

 

 

Activity related to restricted shares granted by the Company The following table summarizes the activity during the six months ended September 30, 2024 for restricted shares granted under the 2020 Plan:

 

 

Number of Shares

 

 

Weighted-Average
Grant-Date
Fair Value

 

 

 

 

 

 

(per share)

 

Outstanding at April 1, 2024

 

 

436,177

 

 

$

65.52

 

Granted

 

 

37,349

 

 

 

106.81

 

Vested

 

 

(118,920

)

 

 

48.02

 

Forfeited

 

 

(8,981

)

 

 

73.88

 

Outstanding at September 30, 2024

 

 

345,625

 

 

$

75.75

 

 

Employee Stock [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of principal assumptions utilized in valuing service condition SARs We estimate the value of the call and put options using the Black-Scholes-Merton option pricing model with inputs including the closing market price of our common stock on the first date of the offering period and assumptions regarding the risk-free interest rate, expected term, and expected volatility of our common shares over the offering period based on historical volatility.

 

 

Offering Period Ended

 

 

Offering Period Ending

 

 

 

June 30, 2024

 

 

December 31, 2024

 

Grant date fair value

 

$

81.60

 

 

$

103.43

 

Risk-free interest rate over contractual term

 

 

5.36

%

 

 

4.91

%

Expected term (in years)

 

 

0.41

 

 

 

0.50

 

Expected volatility

 

 

47.41

%

 

 

40.93

%

Restricted Stock Units (RSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Activity related to restricted shares granted by the Company The following table summarizes the activity during six months ended September 30, 2024 for restricted stock units awarded under the 2020 Plan:

 

 

Number of Shares

 

 

Weighted-Average Grant-Date Fair Value

 

 

 

 

 

 

(per share)

 

Outstanding at April 1, 2024

 

 

56,547

 

 

$

70.03

 

Granted

 

 

 

 

 

Vested

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Outstanding at September 30, 2024

 

 

56,547

 

 

$

70.03